VCLT vs. IGHG
VCLT (Vanguard Long-Term Corporate Bond ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both Corporate Bonds funds - VCLT tracks the Barclays U.S. 10+ Year Corporate Index while IGHG tracks the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, VCLT returned 2.37%/yr vs 4.79%/yr for IGHG. At a 0.05 correlation, their price movements are largely independent. VCLT charges 0.04%/yr vs 0.30%/yr for IGHG.
Performance
VCLT vs. IGHG - Performance Comparison
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Returns By Period
In the year-to-date period, VCLT achieves a 1.27% return, which is significantly lower than IGHG's 2.32% return. Over the past 10 years, VCLT has underperformed IGHG with an annualized return of 2.37%, while IGHG has yielded a comparatively higher 4.79% annualized return.
VCLT
- 1D
- 0.28%
- 1M
- 1.13%
- YTD
- 1.27%
- 6M
- 0.48%
- 1Y
- 6.83%
- 3Y*
- 4.56%
- 5Y*
- -1.73%
- 10Y*
- 2.37%
IGHG
- 1D
- 0.15%
- 1M
- 0.76%
- YTD
- 2.32%
- 6M
- 2.33%
- 1Y
- 6.08%
- 3Y*
- 8.68%
- 5Y*
- 5.27%
- 10Y*
- 4.79%
VCLT vs. IGHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLT Vanguard Long-Term Corporate Bond ETF | 1.27% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.32% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
Correlation
The correlation between VCLT and IGHG is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2013 | 0.05 |
The correlation between VCLT and IGHG shifts across timeframes, from 0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VCLT vs. IGHG — Risk / Return Rank
VCLT
IGHG
VCLT vs. IGHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Corporate Bond ETF (VCLT) and ProShares Investment Grade-Interest Rate Hedged (IGHG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| VCLT | IGHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.33 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 3.49 | -2.18 |
| Martin ratioReturn relative to average drawdown | 3.21 | 12.35 | -9.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCLT | IGHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 1.77 | -0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 1.05 | -1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.64 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.54 | -0.14 |
Drawdowns
VCLT vs. IGHG - Drawdown Comparison
The maximum VCLT drawdown since its inception was -34.31%, which is greater than IGHG's maximum drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for VCLT and IGHG.
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Drawdown Indicators
| VCLT | IGHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.31% | -25.16% | -9.15% |
Max Drawdown (1Y)Largest decline over 1 year | -5.25% | -1.75% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.03% | -3.74% | -9.29% |
Max Drawdown (5Y)Largest decline over 5 years | -34.31% | -8.75% | -25.56% |
Max Drawdown (10Y)Largest decline over 10 years | -34.31% | -25.16% | -9.15% |
Current DrawdownCurrent decline from peak | -14.12% | 0.00% | -14.12% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -2.30% | -5.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 0.49% | +1.64% |
Volatility
VCLT vs. IGHG - Volatility Comparison
Vanguard Long-Term Corporate Bond ETF (VCLT) has a higher volatility of 2.25% compared to ProShares Investment Grade-Interest Rate Hedged (IGHG) at 0.62%. This indicates that VCLT's price experiences larger fluctuations and is considered to be riskier than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLT | IGHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 0.62% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 2.53% | +3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.93% | 3.44% | +4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.77% | 5.02% | +7.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.84% | 7.46% | +5.38% |
VCLT vs. IGHG - Expense Ratio Comparison
VCLT has a 0.04% expense ratio, which is lower than IGHG's 0.30% expense ratio.
Dividends
VCLT vs. IGHG - Dividend Comparison
VCLT's dividend yield for the trailing twelve months is around 5.53%, more than IGHG's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.11% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.53% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
Frequently Asked Questions
VCLT and IGHG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLT has higher volatility (2.25%) compared to IGHG (0.62%). In terms of maximum drawdown, VCLT dropped -34.31% vs IGHG's -25.16%.
On 10-year performance, IGHG leads with 4.79% vs 2.37% for VCLT. On fees, VCLT is cheaper at 0.04% per year. On volatility, IGHG has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGHG has performed better with a 4.79% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCLT is cheaper with a 0.04% expense ratio, compared with 0.30% for IGHG.
VCLT has the higher dividend yield at 5.53%, compared with 5.11% for IGHG.
VCLT tracks Barclays U.S. 10+ Year Corporate Index, while IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.04% for VCLT and 0.30% for IGHG.
IGHG currently has the higher Sharpe Ratio (1.77 vs 0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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